Showing posts from November, 2015


This is my general guide to getting started in the Forex Market so that you are able  to stay focused from the beginning. Often times traders jump into this market without any clear goals defined which leads to only moderate levels of success that can take an unnecessary amount of time and experimentation. Once you know your goals and how to get to them, you will reach your goals in a much shorter time with fewer setbacks along the way. 1- DETERMINE HOW MUCH MONEY YOU WANT FROM FOREX TRADING Many times people jump into Forex Trading without knowing what they want from it. This then leads to experimentation for a longer time than is necessary and with the 1000s of strategies out there, you can easily get lost and frustrated. 2 - FIND OUT WHICH METHODOLOGY/STYLE OF TRADING CAN GET YOU THAN MONETARY TARGET If there is a strategy out there that can get you what you are looking for, there is no need to reinvent the wheel. If there isn't one, then develop a strategy


If so, my advice is to ensure you have a Trading Plan Trade Sheet. I used to be nervous too especially trading smaller time frames. These move very quickly and the minute you enter a trade, there is a possibility to lose very quickly - not a nice feeling. You get a lot of unnecessary tension and nerves. This is one of the many reasons I and others switched to the larger time frames and Swing Trading. Nevertheless, whatever time frame you use, get a Trade Sheet that has rules and checklists to justify each trade. I found that whenever I traded without this, I would be unsure if I had taken everything into account before clicking that button. This uncertainty creates anxiety and fear. If you have a Trade Sheet that you know will provide you with a good trade 80-90% of the time, you will be more confident. It gives you a visual confirmation that you are making the right decision and that everything has been accounted for. These are examples of the Trade Sheets checkli


A Large Range Setup appears to be forming on the Daily Chart of the NZD CAD that could offer us up to 255 Pips this week. The Support Boundary has already been formed at the 0,8335 area and once we see continued gains for the CAD, this will take us back to Support and complete the Resistance Boundary and the Range. The overall setup can be seen in the graph below. The pattern of movements that have taken place in the last few months appears to indicate the formation of this large Consolidation in the days ahead. POSSIBLE RANGE SETUP - DAILY CHART If the pair continues to decline in the next few days, the Resistance Boundary would be formed at 0,8855 to complement the Support area at 0,8335. RESISTANCE & SUPPORT BOUNDARIES - DAILY CHART With a distance of 255 Pips from the current market price to the Support area, Swing Traders could realize a large trading gain once the pair gets going again. This would follow the current sideways movement now